According to the Wall Street Journal, Stern could earn $15 million if he joins the show opposite Howie Mandel and Sharon Osbourne.
WSJ reports the show could move venues from Los Angeles to New York to accommodate Stern. That would cost an additional $10 million for the production.
Morgan left the summer reality competition series to focus on 'Piers Morgan Tonight.'
"I'm leaving America's Got Talent after 6 wonderful years. Turned out that juggling's harder than it looks, so I'm going to focus on CNN," he tweeted.
Tell us: Do you think Howard Stern would be a good fit for 'America's Got Talent'?
Check out a clip of Sharon Osbourne sharing her feelings about Morgan's 'America's Got Talent' departure: